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tv   ABC News Good Morning America  ABC  July 5, 2009 8:43am-8:59am EDT

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but the city's concrete canyons have been replaced by the open water of eastern long island. and the nonstop glare of the computer screen, replaced by the glow of the sun. his goal, now, forget the software formula that helped create and then cripple america's real estate fortunes, as he harvests simpler riches by hand. >> i'm going to harvest them in lots of 100. i'll pick them up wednesday morning. and they'll be in manhattan by 11:00. delivering same-day fresh oysters. >> reporter: michael osinski, it can be said, is hiding from his past, as the father of the toxic asset. a senior-level computer geek, which designed the program that banks use to bundle and disguise high-risk mortgages with more stable investments. selling them as secure bonds. until it all collapsed. >> they structured deals that they shouldn't have, with mortgages that were, you know, unreliable. if you put garbage into a
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system, garbage will come out. >> rorter: iwas mike's system the banks used. > this is the piece of software. this is the structuring tool. it's cled a structuring tool. >> reporter: he wrote abt his role in "new yorork" magazine. my manhattanroject, how i made the bomb that blew up wall street. repentant, and a bit angry, he says, about how his masterpiece was abused. >> a lot of intellectual effort went into it. and i'm very dismayed to see, you know, what i thought was something that was good for the society. itit's tning into, y you know, e of the components of a vast t catastrophe, is dismay. >> reporter: now that you ha seen what happened, what would you have built into your model or into your software to split that point? >> if i had built in regulation into the software, the clients would have told me to throw it out. >> reporter: he has plenty of time for hindsight on his boat, harvesting oysters eight hours a
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day. ju he and his wife, izzy. the software was built on the assumption that the real estate bubble would never burst. so, if there were a few bad loans in the bundles mike created in his computer, the profit from the rest would absorb the loss. but as loans became more risky, the default rate skyrocketed, and the bundles became worthless. >> people have always been somewhat hosle to wall street. to create things that were just so far removed from, you know, the real underlying business. >> reporter: which is why the man who made the bomb that blew up new york has turned down offers to get back on wall street. instead, choosing the simpler challenge of delivering fresh oysters to some of the best restaurants in manhattan, where he used to dine. >> i'm pretty proud of them. >> reporter: the father of the toxic asset, again, proud of his work. leaving his greatest accomplishment and greatest regret behind. for "good morning america," jim ila,avbc a ns,ew new yework. y coming up, on "good morning
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ila,avbc a ns,ew new yework. y coming up, on "good morning america," excuse me. how about enough water and energy savings... to pay for the dryer? another reason why more americans choose... energy star-rated kenmore appliances than any other brd.
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calculating for getaway. ♪ find your way to a perfect destination at busch gardens... and water country usa... where family-fun surrounds you... and world-class rides astound. start at
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it's the all new sesame street forest of fun... at busch gardens in williamsburg. with four family-friendly rides... and everyone's sesame street friends. ( elmo giggles ) ♪ big and small! there's fun for all! ♪ well, the rocky mountains stretch more than 3,000 miles, from canada, all the way down to mexico. but perhaps the most impressive views can be found in a corner of colorado, where more than 60 peaks rise over 12,000 feet into the sky. this morning, our "weekend window," opens up in high-definition, at colorado's rocky mountain national park. ♪
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>> when people think of the rockies, they visualize the things that we have right here in rocky mountain national park. whether it's the snow-capped peaks or the granite. the mountain streams. the waterfalls. rocky mountain national park is located in the northwest section of colorado. we're about 90 miles northwest of denver. the park consists of about 416-square miles. >> in rocky mountain national park, we've got a great blend. just about anything anybody's looking for, they can find here in our mountains.
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one of the great things about rocky is how easy it is to see the wildlife that we share the land with. you can see, right from your vehicle, you can see elk. it's beautiful to watch. >> rocky mountain national park is home to the alpine tundra. and you don't find alpine tundra very many places in the world. so, we're in a place where trees don't live anymore. it's a very special, and sensitive, fragile, ecosystem. the views are simply grand. you're on top of these mountain peaks. you can see for miles and miles, in all directions. and you're up in the clean, fresh air. so, your visibility range is really long. and a good distance away, you can see other mountain ranges that are hundreds of miles away. >> trail ridge road is an unbelievable feature in this park. it's the highest continuous paved road in the united states. the highest point in the road is over 12,000 feet. water features really draw people to a place. whether it's the sound.
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or just knowing that it's such a life link to so many different things. >> it is a treasure. it's a place where the air is clean. the water's pure. the animals are wild. and the plants are native. and you don't find that very ma. so, this is one of those special and you don't find that very ma. so, this is one of those special locations. here's the spacious room where he relaxed with ! the free paper... the desk where kevinin e of the free internet... and where he grabbed a free hot breakfast to start his morning. so where's kevin? he's out treating .his customers to luh with the money he didn't spend back at his hotel. spaciousooooms. ree breakfast. free internet. and d w whenenevin stays three times, he gets a free $50 cash card. and so can you. choice hotels are everywhere, with the best alue anywhere.
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wech, arles gibson will anchor live coverage of michael
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jackson's memorial service right here on abc tuesday afternoon, 1:00 eastern, 10:00, pacific. >> thanks for being with us. 1:00 eastern, 10:00, pacific. >> thanks for being with us. have a great sunday. captions by vitac this is a baby seat seven news update. >> in the news marion barry has again been arrested. park police approached him last night by good hope road. apparently a woman had accused barry of stalking her. police later arrested him.
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he was charge of misdemeanor stocking but was released on a citation. a natural gas explosion was said to have caused major damage to a house in the northwest. the blast happened at 6:00 p.m. last night in the 6100 block of morgan avenue. the house was destroyed. the force of the explosion was so strong it shattered windows on a neighbor's use. no one was hurt. let's get a check of the forecast. >> it is pretty dull out there this morning. temperatures are generally in the '60s. 64 in damascus. you can see what looks like a very potent system moving around the area, light rain for the most of us today. high temperature today, 84
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degrees, well below the seasonal average. today, great skies and temperatures from 76-84 degrees. tomorrow we rebound and the sunshine comes back and temperatures in the mid '80s. that's not think you for watching. have a great day.
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